SOLUTION: find how long it takes for $900 to double if it is invested at 4% interest compounded monthly
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Question 808214: find how long it takes for $900 to double if it is invested at 4% interest compounded monthly
Answer by Alan3354(69443) (Show Source): You can put this solution on YOUR website!
Do it like this one.
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Taylor put $200 into a CD that pays 6% interest, compounded quarterly.
How long will it take for his money to double?
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400 = 200*(1 + 0.06/4)^t t = quarters
(1 + 0.015)^t = 2
t*ln(1.015) = ln(2)
t = ln(2)/ln(1.015)
t =~ 46.555 quarters
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